Bank of America slashes 540 mortgage jobs

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The FHA 203k loan program provides home buyers the opportunity to buy and fix up a property, without exhausting their personal savings.

Bank of America is slashing 540 mortgage jobs in North Carolina.

The cuts will affect mortgage employees who work in the bank’s Legacy Asset Servicing unit, which handles loans that are past due, in foreclosure or are being modified, according to a Charlotte Business Journal report.

“It’s a really difficult message because the fact that we’ve cut the need for that support thanks to these efforts and an improving economy is a good sign for our company and the customer,” BOA spokesman Dan Frahm told the Journal. “But for our employees who have worked so hard to help those customers, this is tough.”

Bank of America has drastically reduced the number of mortgages 60 days or more past due in its portfolio. At its peak, the portfolio had 1.4 million 60-days-plus mortgages. Now it’s just 277,000, according to the Journal.

Many of the big banks have been slashing jobs over the last year. Bank of America cut more mortgage jobs in the first quarter – 2,974 – than any other bank.

COMMENTS

by JoeS| 6/27/2014 12:18:17 PM

This kind of news is getting depressingly common....

by Kenny Palmer| 6/27/2014 12:25:15 PM

Thankfully, The mortgage banks doing the right thing are growing. Summit Funding Inc. is one of the best in the nation and doing well. We hired at least one employee a day last year, and still need more. Great company to work for.

by Mkike SKinner| 6/27/2014 1:10:51 PM

Kenny, You are absolutly right it feels great to be with a company (Summit Funding) That has grown 40% when the national average is to have shrunk by over 60%. Lets face it; its not getting any easier so Lets just keep doing the work and getting better in every aspect and I expect we will continue to reap the rewards!